For most people, estate planning seems like something that is relegated to your final weeks and days on this earth. Putting it off that long, however, can end poorly for both you and your loved ones. Planning for the future is something that should happen as soon as possible and creating a will is part of that.
Although not required in New York, a will is fundamental in determining what will happen to your assets. Creating a will puts the control where it belongs – in your hands – and gives you the final say-so. If you've haven't yet created yours, the information below may convince you to get started!
What is the purpose of a will?
Formally referred to as a last will and testament, this document determines what happens to your assets and who is responsible for handling everything when you pass away. Because there is so much at stake, it is important to consult with an attorney throughout the process.
A will can be used to do all of the following:
- Leave your property to certain people or organizations
- Appoint someone to take care of your minor children
- Name an individual to handle property left to your minor children
- Choose an executor to carry out the terms of your will
Even if you feel that you don't have an extraordinary amount of wealth, it is not uncommon for family members to argue about your assets after you're gone. A will can help eliminate this conflict and ensure that everything goes where you want it to.
If you die without a will, New York's intestacy laws come into play, meaning that the state determines which family members get your property. The best way to avoid this is by preparing your will today. You never know what the future holds and being prepared now can save you the headache of tomorrow.
Turn to The Law Office of Michael J. Brescia, P.C. for the personalized counsel you need! Contact us for a free consultation with our Long Island estate planning attorney.